REGENT Expands Manufacturing Hub in Rhode Island to Create Jobs
REGENT Secures Incentives for Expansion in Rhode Island
The Rhode Island Commerce Corporation has made a significant move by awarding REGENT new incentives aimed at supporting the expansion of this innovative seaglider manufacturing company. With plans to establish a new manufacturing facility featuring 255,000 square feet of space, REGENT will generate hundreds of well-paying jobs in the years to come.
Creating Jobs and Driving Economic Growth
As REGENT embarks on this expansion journey, the company is set to not only enhance its operational capabilities but also positively impact the local economy. The expansion aligns with Rhode Island's vision to become a leader in technological innovation and manufacturing.
The Investment Breakdown
In this endeavor, REGENT will benefit from an investment of $1 million through the First Wave Closing Fund Act, along with an additional $3 million from the Rebuild Rhode Island Tax Credit Act. This financial support signifies a commitment to the growth of REGENT in the state, as the company revised its hiring schedule under the Qualified Jobs Incentive Act, reporting its intention to fulfill its first commitment ahead of schedule.
A Vision for the Future
Meanwhile, REGENT’s commitment since moving its headquarters to Rhode Island in 2022 has already resulted in the creation of more than 135 jobs and a substantial investment of $22 million into the local economy. The ambition is clear: to establish a strong presence in North Kingstown’s Quonset Business Park and contribute 300 new jobs over the next decade.
Leadership Statements Reflecting Vision and Growth
“REGENT is growing quickly, creating new well-paying jobs every month and looking forward to expanding into our new manufacturing facility,” stated Billy Thalheimer, Co-founder and CEO. He emphasized that this expansion will position Rhode Island as the manufacturing capital of seagliders in the U.S., reinforcing its status in composite manufacturing.
Support from State Officials
Rhode Island Governor Daniel McKee echoed similar sentiments, stating, “The expansion of REGENT Craft will strengthen Rhode Island’s position as a leader in innovative and green transportation solutions.” This initiative promises to create numerous high-quality jobs, aligning with the state’s vision of raising income levels for all residents.
Driving Innovation in the Blue Economy
Secretary of Commerce Liz Tanner highlighted how REGENT Craft’s expansion further cements Rhode Island’s standing as a hub for innovative marine technology firms. She indicated that this collaboration exemplifies Rhode Island’s commitment to boosting economic growth through forward-thinking strategies.
Positive Impact on the Community
Steven J. King, Managing Director of Quonset Development Corporation, expressed his optimism regarding REGENT's role in the success of the Business Park community, emphasizing that their growth will yield significant job opportunities and economic benefits for Rhode Island.
About REGENT: Pioneering Sustainable Maritime Mobility
REGENT is at the forefront of sustainable maritime mobility through the creation and production of all-electric seagliders. These innovative vessels uniquely blend the swift capabilities of aircraft with the convenience of boats, providing an economical and efficient transport option for coastal travelers.
Seaglider Features and Future Prospects
The company’s flagship product, the Viceroy, can accommodate 12 passengers, traveling at speeds of up to 180 mph for distances reaching 180 miles on a single charge. With over 600 seaglider orders secured, valued at over $9 billion from various airline and ferry service operators, REGENT is poised for remarkable growth with support from a diverse group of investors.
Frequently Asked Questions
What are the primary incentives awarded to REGENT?
REGENT has been awarded $1 million through the First Wave Closing Fund Act and $3 million from the Rebuild Rhode Island Tax Credit Act to support its expansion.
How many jobs will REGENT's expansion create?
REGENT's expansion is expected to create approximately 300 jobs over the next decade.
What is the main purpose of REGENT's seagliders?
REGENT's seagliders are designed to provide efficient and affordable transportation options between coastal destinations, combining the speed of aircraft with the convenience of boats.
How much investment has REGENT made in Rhode Island to date?
Since establishing its headquarters in Rhode Island, REGENT has invested $22 million into the local economy.
What distinguishes REGENT in the maritime industry?
REGENT is pioneering all-electric seagliders, emphasizing sustainable maritime mobility and innovative technology in the marine sector.
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